Charles Banks, Accused Of Stealing $20 Million From Tim Duncan, To Be Indicted Today

SAN ANTONIO — A federal grand jury in Texas is returning a two-count indictment for wire fraud against Charles Banks, a financial adviser who has been alleged to have mishandled over $20 million in investments of his ex-client, retired Spurs All-Star Tim Duncan, the Virgin Islands Free Press has learned.

The indictment is expected to be unsealed in a San Antonio court today, where Banks is expected to be present for a hearing, sources with direct knowledge told The Vertical.

In a lawsuit filed in 2015, Duncan, the five-time NBA champion, charged that Banks steered him toward multiple investments in hotels, wineries and beauty products despite not revealing Banks’ own financial conflicts of interests in the businesses.

Court records and documents show that Banks had ownership stakes or financial interests in the investments.

Duncan accused Banks of defrauding him on a $7.5 million loan to Gameday, a company that Banks maintained control over.

Gameday also received a bank loan with what Duncan says he believed was his signature on a document that would get him $1.5 million in cash back and lower his guarantee exposure.

Banks is alleged to have used that signature to increase Duncan’s guarantee exposure to $13.5 million at Comerica Bank instead of $6 million.

Duncan earned over $240 million in salary in his 19-year NBA career.

Banks has also been linked to Minnesota Timberwolves All-Star Kevin Garnett through his financial advisement company.